Evermore Global Advisors LLC cut its holdings in Frontline Ltd. (NYSE:FRO – Get Rating) by 80.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 89,954 shares of the shipping company's stock after selling 369,880 shares during the quarter. Frontline accounts for 1.4% of Evermore Global Advisors LLC's investment portfolio, making the stock its 12th largest holding. Evermore Global Advisors LLC's holdings in Frontline were worth $799,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in FRO. Beacon Capital Management Inc. acquired a new position in shares of Frontline during the first quarter worth approximately $25,000. Qube Research & Technologies Ltd purchased a new stake in shares of Frontline in the 1st quarter valued at about $93,000. Pettinga Financial Advisors LLC purchased a new stake in shares of Frontline in the 1st quarter valued at about $101,000. Ergoteles LLC purchased a new stake in shares of Frontline in the 1st quarter valued at about $112,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Frontline in the 2nd quarter valued at about $177,000. 26.59% of the stock is owned by institutional investors and hedge funds.
Get Frontline alerts:Analyst Ratings Changes
FRO has been the topic of several recent research reports. StockNews.com lowered Frontline from a "hold" rating to a "sell" rating in a research report on Monday, September 19th. Jefferies Financial Group upgraded Frontline from a "hold" rating to a "buy" rating in a research report on Tuesday, September 6th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Frontline from $7.00 to $12.00 and gave the company a "hold" rating in a research report on Tuesday, September 6th.
Frontline Trading Down 2.0 %
FRO stock traded down $0.24 during midday trading on Monday, reaching $11.87. 144,491 shares of the company traded hands, compared to its average volume of 2,834,220. Frontline Ltd. has a 52-week low of $6.10 and a 52-week high of $13.85. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.06 and a current ratio of 1.06. The business has a 50 day moving average of $11.42 and a 200-day moving average of $9.80. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 39.77 and a beta of 0.10.Frontline (NYSE:FRO – Get Rating) last posted its quarterly earnings data on Thursday, August 25th. The shipping company reported $0.21 earnings per share for the quarter. The firm had revenue of $159.19 million during the quarter, compared to analysts' expectations of $164.27 million. Frontline had a return on equity of 0.01% and a net margin of 7.18%. During the same quarter last year, the firm earned ($0.12) EPS. As a group, sell-side analysts expect that Frontline Ltd. will post 1.24 earnings per share for the current fiscal year.
Frontline Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 16th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, September 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.05%. Frontline's payout ratio is currently 193.55%.
About Frontline
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Frontline Ltd., a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2021, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Hamilton, Bermuda.
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